Gary and I are passionate about helping our community through this foreclosure crisis. We spend a great deal of time educating ourselves and clients to best serve them. Here is our most recent testimonial from a family that we helped to avoid foreclosure here in Valencia, Ca.
March 1, 2010
To Whom It May Concern:
I am writing this letter to express my deep gratitude and appreciation for Gary and Jennifer Ricco. My wife and I were represented by Gary and Jennifer in the short sale of our home, and we can honestly say that they truly are the most amazing real estate agents we have ever worked with.
From the very first moment we met with Gary and Jennifer, we could tell that they were honest, compassionate, and genuine. Gary and Jennifer truly showed an interest in their work and a desire to help people in need. When we explained our situation and need for help, they listened. After gaining a solid understanding of our situation, Gary and Jennifer provided us with options to solve our problem and a commitment to executing the plan no matter how long it took or how difficult it could become.
A short sale is not an easy one, and Gary and Jennifer demonstrated a strong understanding of the entire process and an amazing ability to make it work. From start to finish, Gary and Jennifer knew exactly what needed to be done. They were always one step ahead of the game and had a solid reaction plan based on every possible outcome for any given situation. We were nervous about trying to tackle a short sale with our home, but Gary and Jennifer were always there to explain everything and make us feel comfortable. They truly are experts in distressed property transactions.
Gary and Jennifer have an answer for everything; I truly believe they can accomplish the impossible. I would highly recommend Gary and Jennifer to anyone who needs to buy or sell a home no matter how dire or complicated the situation may be. If anyone can help, Gary and Jennifer can. Not only will they get the job done, but they will be there for you every step of the way.
Gary and Jennifer truly are amazing people. In a world where it seems nobody can be trusted, you can count on Gary and Jennifer. They will help you through any real estate transaction, and be your friend too. When you work with Gary and Jennifer, not only do you benefit from their expertise and professionalism, but you also benefit from the entire professional community that they bring with them. Gary and Jennifer Ricco provide a total package solution to a complex problem.
Sincerely,
Jason H.
Showing posts with label Realtor Trained in Pre Foreclosure Options. Show all posts
Showing posts with label Realtor Trained in Pre Foreclosure Options. Show all posts
Monday, March 1, 2010
Tuesday, November 17, 2009
Are Promissory Notes Good Or Bad For Homeowners During A Short Sale Negotiation?
Are promissory notes on 2nd liens good or bad for clients during a short sale? It's common knowledge that a foreclosure, deficiency judgment or debt being sold to a collections company will have a serious negative impact on an individuals credit history, but what about an unsecured promissory note that is required by a 2nd lien holder in order to get a short sale approved?
During a recent conversation with my credit repair expert, Doug Minor http://www.easycreditrelief.com/, Doug informed me that promissory notes for 2nd lien holders during the short sale actually help establish and repair the credit score quicker. Doug stated making payments on a promissory note will establish a new trade line, which often leads to additional credit being issued by other creditors. In my experience most homeowners are unaware of this and this information could be the information the homeowner needed to decided whether or not to agree to the promissory note.
Promissory Note: A promissory note is also an unsecured note and a contract between the lender and borrower where the borrower agrees to pay the difference (or a percentage of the difference) between the amount owed and the sales price of the property. This is usually presented during a short sale and can only be enforced if the borrower agrees in writing. These notes are also negotiable after the short sale.
If your a homeowner or Realtor looking for information on how a short sale, foreclosure, bankruptcy or debt collections effect credit, I highly recommend Doug Minor from http://www.easycreditrelief.com/
Monday, November 9, 2009
Santa Clarita San Fernando Valley or Ventura County Are You Struggling With Your Mortgage? Here is A Client Testimonial
Santa Clarita Valley, San Fernando Valley or Ventura County are you struggling with your mortgage? You owe it to yourself to understand what pre foreclosure options you have. Jennifer and I have the training & experience to educate homeowners on the options they qualify for. If your looking for ways to minimize your financial loss and limit the damage to your credit history you need a trusted professional, trained in the pre foreclosure process. We have obtained our Pre Foreclosure Specialists certification PSC, and the Certified Distressed Property Expert CDPE designation. Please take the time to contact us for a free consultation and a current market analysis of your property. You owe it to yourself to learn what options you can utilize to avoid foreclosure. Due to our Law Enforcement background, all financial information disclosed is confidential and protected. You can contact us through our website contact page http://www.santaclaritavalleyhomesonline.com/contact.htm or call us 661.290.3837 with any questions you may have.
Also, if you are struggling with a Wachovia, World Savings and Golden West mortgage Jennifer and I have a short sale manager we can put you in direct contact with that will explain your pre foreclosure options with these loans.
Below is a client testimonial from one of our recently closed short sale transactions.
October 27, 2009
To Whom It May Concern:
I am writing this letter to express my gratitude for getting the pleasure to work with real estate agents Gary and Jennifer Ricco. They both represented my ex-husband and me in a Short Sale of our single-family home.
Gary and Jennifer went above and beyond to guide me through the process. They spent an exorbitant amount of hours meeting with me, making phone calls to both my mortgage company and the buyer’s loan company, not to mention communicating with the Escrow Officer. Gary and Jennifer always kept me informed at every step throughout the entire process and made sure to explain things in terms I would be able to understand.
Gary and Jennifer made what was already a very difficult situation, a smooth one by showing a genuine compassion for my unique circumstances. They were willing to work with me even though my ex-husband was going to be deployed and unreachable throughout most of the process. Their flexibility and creativity were key factors in getting escrow to close, saving me from having a foreclosure permanently on my credit report.
I highly recommend Gary and Jennifer Ricco to anyone who needs assistance with either buying or selling a home, no matter how complicated. I am truly grateful for all their hard work and appreciate their time and professional, yet compassionate attitude. As I look back on that difficult time in my life, getting divorced and short selling my home, I realize just how blessed I was to have Gary and Jennifer’s help.
Sincerely,
Kelly C
To Whom It May Concern:
I am writing this letter to express my gratitude for getting the pleasure to work with real estate agents Gary and Jennifer Ricco. They both represented my ex-husband and me in a Short Sale of our single-family home.
Gary and Jennifer went above and beyond to guide me through the process. They spent an exorbitant amount of hours meeting with me, making phone calls to both my mortgage company and the buyer’s loan company, not to mention communicating with the Escrow Officer. Gary and Jennifer always kept me informed at every step throughout the entire process and made sure to explain things in terms I would be able to understand.
Gary and Jennifer made what was already a very difficult situation, a smooth one by showing a genuine compassion for my unique circumstances. They were willing to work with me even though my ex-husband was going to be deployed and unreachable throughout most of the process. Their flexibility and creativity were key factors in getting escrow to close, saving me from having a foreclosure permanently on my credit report.
I highly recommend Gary and Jennifer Ricco to anyone who needs assistance with either buying or selling a home, no matter how complicated. I am truly grateful for all their hard work and appreciate their time and professional, yet compassionate attitude. As I look back on that difficult time in my life, getting divorced and short selling my home, I realize just how blessed I was to have Gary and Jennifer’s help.
Sincerely,
Kelly C
Is Your Realtor Trained In Pre Foreclosure Options? Jennifer & Gary Ricco Santa Clarita's Certified Pre Foreclosure Specialists
I find it hard to believe some Realtors are still trying to bypass educating themselves fully in pre foreclosure process. Utilizing third party negotiators to negotiate pre foreclosure's can be a benefit; however the Realtor has the fiduciary duty to ensure the negotiator is licensed and skilled at negotiating the "most favorable outcome". In order to properly screen individuals or companies claiming to be third party negotiators, the Realtor has to have the knowledge first. The Realtor who sits across the table from the clients armed with this knowledge is the key. As a result of bypassing their own education, or resisting the education, untrained Realtors utilizing negotiators only focused on short sale negotiations, continue to pass along incorrect information to homeowners, information which could cause the homeowner not to have the "most favorable outcome".
It's imperative that Realtors possess the correct information when having intelligent conversations with clients. Trained Realtors can point out facts without giving legal or tax advice to homeowners on the possible Tax & Deficiency issues. California is one of 12 states with Anti-Deficiency Laws. In some cases going through a foreclosure is the most favorable outcome because of the protections provided by the Anti-Deficiency Laws. Realtors need to know the difference. Realtors with a Pre Foreclosure Specialists Certification can point out the facts and explain non-recourse & recourse issues as they relate to; purchase money loans with PMI or LPMI, 80/20 non recourse splits involving 100% financing, or a 1st lien with a 2ndlien recourse Home Equity Line of Credit, (HELOC).
When choosing a Realtor to handle your pre foreclosure transaction, the Realtor must demonstrate their working knowledge of the guidelines the servicers and each note holder (investor) are working off of. Understanding how all the Government Programs, like the "Making Homes Affordable Program", the "Helping Families Save Homes Act" or President Obama's Foreclosure Alternative Program, ("FAP" Program) is setting the stage to streamline homeowner assistance. Most of these programs are requiring the servicer to attempt a loan modification; however the homeowner has to meet debt to income (DTI) ratios in order to qualify, if not the struggling homeowner can then proceed with a short sale, deed in lieu and lastly a foreclosure.
The Realtor must also be able to understand and point out the language used in approval letters, in order to guide the homeowner's conversation with their legal counsel. The terms "release" and "satisfy" should be scrutinized. Here is an actual example from a short sale approval I recently negotiated. The approval language used by SLS to "Release the lien secured by its Deed of Trust and "Release" the seller from liability under their promissory note was for a recourse 2nd lien, where the homeowner used a HELOC to pull out money out.
As you can see I was able to negotiate with SLS on the 2nd Lien (Recourse HELOC) and its investors to release the lien and release the seller from liability. This is very favorable language for the seller, who verified this with their counsel prior to moving forward and closing the short sale. These transactions must be negotiated and documented by a highly trained Realtor, a Realtor doing short sales with a purpose, not by default because these type of transactions are a majority of current real estate market.
Realtors who don't understand the foreclosure process or negotiating with loss mitigators are more likely to have 2nd liens "charged off". A "Charge Off" is an instance in which a consumer (homeowner) is seriously delinquent in paying a bill and the creditor elects to transfer the account to an accounting category such as "charged to loss" or "bad debt." In such cases, the creditor may also turn the account over to an in-house or third party collections agency. These cause problems and delays and may be a deal breaker when negotiating short sales, however a trained Realtor has the knowledge to deal with this situations.
Here are just a few questions to ask your Real Estate Agent before hiring them.
•· Can my real estate agent explain the short sale process?
•· Does my real estate agent have prior short sale experience & success this year?
•· How do I know if my property qualifies for a short sale?
•· Does my real estate agent know what "hardships" quality for a short sale?
•· Does my real estate agent have an effective short sale strategy?
•· Does my real estate agent know how to effectively Price & Market my property correctly?
•· Which is better- a foreclosure or short sale?
•· What are the consequences of the short sale?
•· Why would the servicer and investor agree to a short sale?
•· How is a short sale different from a normal sale?
Now is not the time to gamble with your financial future, there are lots of real estate agents claiming to be short sale experts. If your serious about finding solutions to minimize your financial loss and limit the damage to your credit history, contact Jennifer and Gary Ricco at Keller Williams VIP Properties. 661-290-3837 or through our website http://www.santaclaritavalleyhomesonline.com/contact.htm.
It's imperative that Realtors possess the correct information when having intelligent conversations with clients. Trained Realtors can point out facts without giving legal or tax advice to homeowners on the possible Tax & Deficiency issues. California is one of 12 states with Anti-Deficiency Laws. In some cases going through a foreclosure is the most favorable outcome because of the protections provided by the Anti-Deficiency Laws. Realtors need to know the difference. Realtors with a Pre Foreclosure Specialists Certification can point out the facts and explain non-recourse & recourse issues as they relate to; purchase money loans with PMI or LPMI, 80/20 non recourse splits involving 100% financing, or a 1st lien with a 2ndlien recourse Home Equity Line of Credit, (HELOC).
When choosing a Realtor to handle your pre foreclosure transaction, the Realtor must demonstrate their working knowledge of the guidelines the servicers and each note holder (investor) are working off of. Understanding how all the Government Programs, like the "Making Homes Affordable Program", the "Helping Families Save Homes Act" or President Obama's Foreclosure Alternative Program, ("FAP" Program) is setting the stage to streamline homeowner assistance. Most of these programs are requiring the servicer to attempt a loan modification; however the homeowner has to meet debt to income (DTI) ratios in order to qualify, if not the struggling homeowner can then proceed with a short sale, deed in lieu and lastly a foreclosure.
The Realtor must also be able to understand and point out the language used in approval letters, in order to guide the homeowner's conversation with their legal counsel. The terms "release" and "satisfy" should be scrutinized. Here is an actual example from a short sale approval I recently negotiated. The approval language used by SLS to "Release the lien secured by its Deed of Trust and "Release" the seller from liability under their promissory note was for a recourse 2nd lien, where the homeowner used a HELOC to pull out money out.
As you can see I was able to negotiate with SLS on the 2nd Lien (Recourse HELOC) and its investors to release the lien and release the seller from liability. This is very favorable language for the seller, who verified this with their counsel prior to moving forward and closing the short sale. These transactions must be negotiated and documented by a highly trained Realtor, a Realtor doing short sales with a purpose, not by default because these type of transactions are a majority of current real estate market.
Realtors who don't understand the foreclosure process or negotiating with loss mitigators are more likely to have 2nd liens "charged off". A "Charge Off" is an instance in which a consumer (homeowner) is seriously delinquent in paying a bill and the creditor elects to transfer the account to an accounting category such as "charged to loss" or "bad debt." In such cases, the creditor may also turn the account over to an in-house or third party collections agency. These cause problems and delays and may be a deal breaker when negotiating short sales, however a trained Realtor has the knowledge to deal with this situations.
Here are just a few questions to ask your Real Estate Agent before hiring them.
•· Can my real estate agent explain the short sale process?
•· Does my real estate agent have prior short sale experience & success this year?
•· How do I know if my property qualifies for a short sale?
•· Does my real estate agent know what "hardships" quality for a short sale?
•· Does my real estate agent have an effective short sale strategy?
•· Does my real estate agent know how to effectively Price & Market my property correctly?
•· Which is better- a foreclosure or short sale?
•· What are the consequences of the short sale?
•· Why would the servicer and investor agree to a short sale?
•· How is a short sale different from a normal sale?
Now is not the time to gamble with your financial future, there are lots of real estate agents claiming to be short sale experts. If your serious about finding solutions to minimize your financial loss and limit the damage to your credit history, contact Jennifer and Gary Ricco at Keller Williams VIP Properties. 661-290-3837 or through our website http://www.santaclaritavalleyhomesonline.com/contact.htm.
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